SINGAPUR (dpa-AFX) - Genius Group (GNS) announced that shareholders voted 97.5% in favor of a share buyback. The Board has instructed management to proceed with the share buyback, with the timing of the buyback at the managements discretion. The buyback is for up to 20% of the companys shares.
Also, to regain legal compliance in Singapore, the Board has approved for all compensation that should have been paid through share issuances to be paid in cash instead, and it has granted permission for the effected employees to voluntarily reinvest their respective cash payouts into shares of the company by purchasing shares directly on the open market as individual investors.
Roger Hamilton, CEO of Genius Group, said: 'Whilst a US court has blocked us from selling our shares, there is no block on buying our shares.'
Shares of Genius are up 11% in pre-market trade on Wednesday.
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